Telent profits double in latest results owing to success in public sector

EBITDA grew to £27.8m from £14m in 2023

Technology solutions outfit Telent claims to have doubled its profits from operations on the back of continuous improvement initiatives across all its major long-term projects and the completion of key project milestones.

The Warwickshire-based group saw EBITDA from operating activities rise to £27.8m (2023: £14m) in the year to 31 March 2024.

The company generated £40.2m of cash from operating activities.

Turnover was down slightly at £461.5 million (2023: £476.1m). Telent blamed the drop on its refocus on "more profitable projects".

Telent ended the year with a forward order book worth more than £400m reflecting the long term nature of many of its contracts.

"This was an important year for Telent as the initiatives we have been putting in place to improve our profitability and put the business on a sound footing for growth, have borne fruit," said CEO Jo Gretton (pictured).

"We have great opportunities to build on our strong position with existing customers, and develop new areas of activity, and that gives us great confidence about the future of the company."

Telent supports clients across the UK and Ireland's critical infrastructure ranging from Transport for London to emergency services across the British Isles, the broadband networks for homes and businesses and around a quarter of the UK's traffic systems.

The IT services group highlights significant progress on major projects for Network Rail and National Highways as some of its success for the year.

The group ranked number ten in CRN's Top VARs 2024 list despite a tough year as it delivered a 3.5 per cent drop in gross revenue with £466.8m.

It continued to focus on its network services business in strategic core market areas including emergency services, telecom service providers and government, seeing these as its "major growth opportunities".

Last year, the majority of the group's revenues come from public sector contracts, including extensions of Merseyside Fire and Rescue in East Sussex and Fire IT resource its main Firelink contract, as well as new wins, including a "major network transformation project" for the University of Bristol, a network build with Cisco for the Greater Manchester Combined Authority, an IT services outsource for the MCA and a number of private mobile network builds, according to its filings.